DALLAS— Olympus Real Estate Partners has purchased the 284-room Clarion Ventura Beach Hotel in Ventura, CA, and plans to renovate and reflag the property as a Marriott in the second-half of 2002. The hotel was purchased out of bankruptcy for an undisclosed amount, according to Clark Hanrattie, a partner with Olympus. “We were pleased to acquire this property at an opportunistic price, especially in a market that has weathered the aftershock of September 11,” he said. “This propertys competitive set has collectively experienced only a marginal decline in revenue during the past six weeks, indicating strong regional leisure and business demand.” Built in 1987, the hotel was flagged as a Clarion in 2000. The property features a full-service restaurant, outdoor pool, lounge, health club, spa facilities, gift shop, four-level parking garage and surface parking and approximately 12,000 square feet of meeting and private function space, including the largest ballroom in Ventura County. The four-story, interior corridor hotel is located on Harbor Boulevard, just off Ventura Freeway.
